Entrepreneurship is a key skill mentioned in almost all job descriptions these days. An intrapreneur is a term given to in-house entrepreneurs in organisations. Everyone is an entrepreneur in some way or the other. However, we are yet to get a definite answer to the following question. How to become an entrepreneur? In this post, we have tried to decode the complexities involved in answering this very question. Budding entrepreneurs, as well as working professionals, will find the points mentioned in this post useful. So, read on.
“The best time to plant a tree was 20 years ago. The second best time is now.” – Chinese Proverb
Starting your own business can be as scary as it is exciting and freeing. Getting a free license to innovate within an organization can be equally daunting. So, whether you are working for an organization or running your own firm; it takes a lot of energy and conviction to let the true entrepreneur from within act freely and purposefully.
Lots of people talk about starting their own businesses, but only a few people actually do it. We have one post that lists some actionable tips for starting a hospitality business that’s relevant for other industries as well. If you want to become an entrepreneur, here’s how to stop standing in your own way and actually do it:
An idea is a pre-requisite
Who doesn’t want to be a ruler of one’s own destiny?
Are we all not possessed by the feeling of becoming an entrepreneur one day coming out with a special innovation?
Don’t we all love companies which give their employees a license to innovate?
Yes, we all are entrepreneurs in some way or the other.
Thus, one of the key questions always agitating our minds is how to become an entrepreneur we want to be.
Come up with an idea about what you want and where you want things to go. You need to have an idea as to what you would like to personally achieve with your business.
Take responsibility for your circumstances.
If you hate your boss, are dissatisfied with your life, and want a change, no one can make that change except you. You have to take responsibility for your own circumstances, and realise that you are the only person who can change them.
There is an entrepreneur in our inner core which is pushing us from within. We just need to let it loose. Let the mayhem begin. Don’t worry about the outcome. Just enjoy the journey.
It’s the journey of entrepreneurship which is satisfying, not only the results.
Becoming an entrepreneur doesn’t have to be hard, but it does require a sense of creativity. It means finding a product you can sell or a business you can run to sell a concept or product that people want. It also means doing something different to draw the attention of consumers who want your concept or product.
You have to be determined, be willing to put a lot of time and effort in, and bring something new to the table. So you can ask yourself as has been explained in an article of entrepreneur.com; do you want to be your own boss?
Decide what kind of business or Strategic Business Unit you want to start.
If you want to become an entrepreneur, you probably already know what kind of business you want to start.
The most successful entrepreneurs choose businesses that don’t feel like work and that are aligned with their vision.
They don’t mind spending all of their time working on their business, because they love the work. That’s the kind of business you want to start on your own or within your organization.
Make a plan.
Yes, we have said it before. we say it now and will say it again.
Nothing will cause your entrepreneurial endeavour to crash and burn faster than not having a clear plan.
90% of entrepreneurs jump upon their endeavours before waiting to have a clear structure to their business plans.
You need to make a very clear and direct plan that includes the details of your business, who your product or service is for, what you are trying to achieve, and detailed steps for actually achieving those goals. Just Google for samples and you will find samples in abundance to structure your plan.
Demonstrate your value to become an entrepreneur
The key to making money in today’s economy is to demonstrate your value.
Your customers want to know how you can improve their lives. So start thinking about it early on. At the same time when you ask yourself how to become an entrepreneur.
This step is crucial for a budding entrepreneur as it is more of mental preparation and dealing with uncertainties.
So, start building a personal brand right away. However, too much exposure early on will only add pressure. You are the best judge. Don’t pull the self-branding string too hard.
Remember this- You are the brand and only you will sell
Learn what your strengths are and make sure you can work with those as these are things investors will want to know about. To become an entrepreneur, it is important to develop a plan that enhances the personal brand.
It is important for an entrepreneur to have self-belief so that it is visible to the investors.
“Don’t worry about failure; you only have to be right once.” –Drew Houston, Dropbox Co-Founder
This answers the question of how to become an entrepreneur indirectly. It all boils down to belief, doesn’t it? Whether you want to run your own business or want to be innovative at your workplace, you must be willing to behave like an entrepreneur. If the question is how to become an entrepreneur, the answer must lie on the process of becoming one. Here we have listed a few of the many steps one can take to embark on an entrepreneurial journey.
- Be innovative and creative. Think fresh and think out of the box.
- Do your research on the area in which you’re hoping to excel. This means studying if this is an area that is currently doing well, and a go over these types of details again and again.
- Poll the audience- This might mean conducting a survey and finding out if people would be interested in purchasing your product or if it’s even marketable. You’ll want to make sure that it’s something they are interested in buying for the price that you’re offering.
- Conjoint analysis- Ask your target market about what customization they recommend in your proposed product list—price, dimension, colour preference, delivery pattern etc. to make them more acceptable.
- Work out a budget. Determine how much you have to spend and if you go for a period of time without profit, how long can you sustain on that amount of money?
- Have a goal which is more reliable than a plan. A plan makes it appear that you’re unsure of where to go, but are tinkering with ideas. A goal gives clear and well-defined ideas about where it will head and what you’re willing to do to get there.
To become an entrepreneur, behave like one
This concept of personality and behaviour echoes in the whole of this post, but it was also important to give it a separate heading. If you ask yourself how to become an entrepreneur, answer yourself by acting like one.
This might remind you of the famous self-help books of the likes of ‘Power of subconscious mind’ or ‘Think and Grow Rich’. There is something common in all self-help books. The authors of these books want you to pretend, with full faith and conviction, to be the person you want to become.
Entrepreneurs have to be a people person, outgoing, and not afraid to outreach to people.
Most importantly, to be a successful entrepreneur, you need to have great problem-solving skills.
Things aren’t always going to run smoothly. Rather, brace yourself for a bumpy ride. Entrepreneurship is a roller coaster ride.
It is exciting and scary. Problems would be a day-to-day affair.
Being able to run into problems and to work them out is crucial. One of our earlier posts will take you through traits of an entrepreneur like a checklist of entrepreneurship.
“You don’t learn to walk by following rules. You learn by doing and falling over.” –Richard Branson
Use the mentioned steps to break away from the cubicle at your workplace or to start your own business! It is extremely important to be able to be innovative and creative. Innovation and entrepreneurship are states of mind. To be in a state of bliss like spirituality is what one can find in entrepreneurship.
It is always important to remember that none of us can be perfect. We will all make mistakes. To learn from the mistakes and staying motivated is what keeps us afloat as an entrepreneur.